OneWater Marine delivered $380.6 million in quarterly revenue, up 1.3% year-over-year, driven by a 24.0% surge in pre-owned boat sales and a 10.3% increase in service, parts and other revenues. New boat revenue declined 5.9% as the Company prioritized margin discipline and optimized its product mix. Gross profit rose $5.3 million to $89.4 million, elevating the gross margin by 110 basis points to 23.5%, fueled by favorable model mix in both new and used boat segments and portfolio optimization initiatives.

OneWater reported a net loss of $7.7 million, or $0.47 per diluted share, an improvement from a $13.6 million loss a year ago. Results were impacted by a $7.1 million non-cash impairment charge on assets held for sale. Excluding that and other non-recurring items, adjusted diluted loss narrowed to $0.04 per share. Adjusted EBITDA almost doubled to $3.6 million, up 88.9%, reflecting disciplined cost control and higher variable personnel costs tied to stronger sales performance.

As of December 31, 2025, OneWater held $32.2 million in cash and $49.2 million in total liquidity, while inventory declined to $601.5 million from $636.7 million a year earlier. The Company classified $52.8 million of Distribution segment assets as held for sale, with proceeds earmarked for debt repayment. Total long-term debt stood at $399.4 million, yielding an adjusted net leverage ratio of 5.1x trailing twelve-month Adjusted EBITDA, down from the prior year.

OneWater maintains its previous guidance for fiscal 2026, forecasting flat same-store sales after exiting certain brands, with total revenue of $1.83 billion to $1.93 billion. The Company expects Adjusted EBITDA between $65 million and $85 million and adjusted diluted EPS of $0.25 to $0.75. Management emphasizes disciplined execution and inventory management to navigate an industry projected to be flat to down low single digits year-over-year.